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auction without reserve


  as an issue of Time (read more...)

auction without reserve, defined:

an auction process in which a sale item is sold to the highest, without regard to a minimum price.

auction without reserve, as it might be used:

The court held that in an auction without reserve, after the auctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn unless no bid is made within a reasonable time.
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